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lord [1]
3 years ago
5

On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,300,000 four $5,000,000. Rigsby appropriately uses the

installment sales method of accounting for this transaction. Terms called for a down payment of $490,000 with the balance in two equal annual installments payable on December 15, 2022, and December 15, 2023. Ignore interest charges. Rigsby has a December 31 year-end. In 2022, Rigsby would recognize realized gross profit of:
Business
1 answer:
Flura [38]3 years ago
8 0

<u>Solution and Explanation:</u>

Installment Receivables (Net) of $2,905,600

Basis  Particulars                                         Debit  Credit

Sale:-  Instalment Receivables  $5,000,000  

         Inventory                                               $3,200,000

 Deferred gross profit                                                  $1,800,000

Payment:-  Cash                         $4,90,000  

Instalment Receivables                                     $4,90,000

Deferred Gross profit                 $165,600  

Realised Gross profit                                              $165,600

Instalment Receivables ($5,000,000 minus $490,000) = $4,510,000

Deferred gross profit ($1,800,000 minus $165,600) = $1,634,400

Instalment Receivables (Net) = $2,875,600

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Q=120−4P

Explanation:

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5 0
3 years ago
A company's income before interest expense and income taxes is $575,000 and its interest expense is $145,000. Its times interest
34kurt

Answer:

3.96

Explanation:

A company's Time Interest Earned ratio shows us its ability to pay its debts.

The income before expenses is given as: $575000

The interest expenses = $145000

The question wants us to find time interest earned ratio. We get this by:

Company's initial income/interest expenses

= $575,000/$145,000

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4 0
3 years ago
As ________blank, pioneers have the advantage of creating a new market or product category, establishing a commanding initial ma
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As first movers, pioneers have the advantage of creating a new market or product category, therefore establishing a commanding initial market share lead.

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7 0
1 year ago
A repeated pattern of spikes or drops in demand associated with certain times of the year in a time series is.
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A repeated pattern of spikes or drops in demand associated with certain times of the year in a time series is called "Seasonality"

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3 0
1 year ago
Consider a 10-year bond with a face value of $1000 that has a coupon rate of 5.5%, with semiannual payments. a. What is the coup
katovenus [111]

Answer:

Coupon= $27.5

Explanation:

Giving the following information:

Face value= $1,000

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Coupon= $27.5

4 0
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